Broadcom (BRCM) Shares Rise as JPMorgan Highlights Deal for Semi Sockets in Windows Phone 7 Smartphones

Shares of Broadcom (Nasdaq: BRCM) are outperforming the broader stock market Tuesday morning following an earlier bullish note from JPMorgan's Harlan Sur. The stock last traded at $34.95, up 1.3 percent from Monday's close.

Sur points to recent checks which suggest Broadcom has secured the connectivity semi sockets for new Windows Phone 7-based smartphones. The analyst believes the news is significant as Broadcom hasn't historically been the primary connectivity supplier for Nokia's smartphones.

The JPMorgan analyst predicts the development could add $200-$300 million in incremental sales during 2012 for Broadcom.

The analyst reiterated a Buy rating and $45 price target on the stock. Sur's price target implies potential upside of about 29 percent.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Broadcom.

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